"Weaker iPhone component supplier results must be due to slower international uptake," Olson wrote. Recently, Lumentum Holdings Inc. (LITE) , which supplies Apple with lasers that power the iPhone's facial recognition system, warned of reduced orders from a key customer, leading analysts to conclude that the latest line of iPhones were not selling as well as Apple expected.

"The end result is FY19 & '20 overall estimates remain unchanged," Olson said.

Olson's price target on Apple remained about 31% above the stock's current level. The valuation is also near the average valuation on Wall Street, with the highest price target being $300 from Monness, Crespi, Hardt & Co.

Goldman Sachs last month slashed its price target on Aple to $182 a share, citing the fact that "Apple is seeing deteriorating demand relative to what the company had initially expected." The note added, "We flagged this risk in our October 15th Apple preview due to rapid smartphone demand deterioration in China. This now seems to be playing out."

Piper Jaffray noted that "international iPhone weakness and disappointment around lack of future unit disclosure are both largely baked into the stock," which could explain why the stock wasn't moving lower.

China's economy slowed to its weakest growth rate since 1990, official data confirmed Monday, as a damaging trade war with the United States, and efforts to curb domestic pollution and reckless lending, took a major bite out of the world's second largest economy.